'Renting' out the bike to a friend

PrivatePilot said:
Unless he plans on claiming asylum wherever he's going and never return home, it's not quite like that. Ask any student who's tried to run away from their OSAP loan, much less a lawsuit.
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Alright now I'm curious. What happens when a student leaves Canada with outstanding OSAP?

Not like the NSLSC is gonna come after you outside of Canada, and I doubt you'd be refused entry back into Canada either. Other than trying to work here and getting your pay garnished I don't see what other recourse they would have.

This is also assuming you have no assets left in Canada since if you were running away with outstanding debt, why would you leave assets in the country?
 
sevet said:
Alright now I'm curious. What happens when a student leaves Canada with outstanding OSAP?
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Nothing while you're gone, and probably nothing if you leave for good...although I suppose in an extreme case if criminal charges resulted somehow you could be extradited home, but I don't think there's any precedent for that.

But.. When you return, watch out. They are vicious in tracking you down no matter what province you live in. They tracked down a buddy in BC 5 years after he moved out there and flew under the radar and they garnished his wages.
 
bboySushi said:
Hey guys,

Jut wanted your opinion on what is fair.

I’m moving to Singapore soon for a year or two. My friendjust told me he was looking to get a ’02 gsxr600 for $2200. I told him I wasmoving away for a while, and whether he’d be interested instead in ‘renting’my’07 gsxr600.

To me I’d rather have a friend ride it, use it, take care ofit while I’m gone than just have it sitting and rusting away in storage. Theproblem is I have no idea what to charge him.

My initial thought is:


  1. I’ll still have the bike on my own fire andtheft policy to maintain continuous insurance – so that cost will be included –something like $150-200/year?
  2. Mileage – he’ll put around 5k a year, so I’dequate that maybe to $400-600 / year?
  3. All repairs and maintenance will be paid for byhim, and I know he will take care of it

So then roughly it would be $550-800/year. Is thatunreasonable? Considering he wanted to buy a bike for $2200? What do you guysthink.

Logistics wise I haven’t figured it out yet, I’ll have totalk to my SF broker.
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Friends and business transactions don't mix, ever. When there is money on the table, the friend you knew may not be the person you are negotiating with.

The only way this could work is if you sold him the bike now for market value and buy it back later for market value then. Even under these circumstances, plan on one of you being bitter about the deal for a myriad of reasons.


my $0.02.
 
This is 100% wrong ask any Personal Injury lawyer. They don't even file the suit until just before the 2 year limit. They do this to ensure their clients don't have injuries that take time to develop and also to see how the injuries are progressing with treatment.

Not to mention the friend wouldn't be suing the OP he would be suing the OPs insurer with the OP being listed as "a party" to the civil action, (Lawsuit)

statsman said:
Re an accident,
Since the OP will be out of the country for 2 years, it will be very difficult to sue him.
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catzo said:
I would really only trust a family member or maybe a hot girlfriend with something like this.
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A hot girlfriend? I'm guessing you are in your early twenties. :)

Not in a million years.

A hot girlfriend is easier and quicker and cheaper to replace than getting a bike exactly how you want it. Besides, she would use it to attract sportbike guys while you are gone. It would be like flypaper.
 
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In order to sue someone in Canada the litigation must be started within 6 months of the incident.

and the papers must be served within 6 months.

That means the process server would have to go to Thailand or wherever the OP is living to serve the papers.
The trip will probably be more expensive than any judgement awarded.
 
statsman said:
In order to sue someone in Canada the litigation must be started within 6 months of the incident.

and the papers must be served within 6 months.

That means the process server would have to go to Thailand or wherever the OP is living to serve the papers.
The trip will probably be more expensive than any judgement awarded.
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The Limitations Act of Ontario says otherwise.
 
the bike insurance will be invalid if you rent out your bike w/o notifying your insurer. they will pay out and then SUE YOU.
FURTHERMORE, you will be responsible for bike maintenance and road worthiness. it will be quite easy for a lawyer to show bike was not maintained if you are out of the country for 2 years -

nothing good- two years? sell the bike, not worth storing or lending/renting for that kind of time period.
 
Thanks for all the replies guys.


Just a few points to make:


  1. SS insurance just skyrocketed so my friend can’teven afford the insurance for it anyways now
  2. You can no longer suspend bikes on Fire &Theft (at least at State Farm)

So looks like I’ll just ride until my renewal in May comesup, then I’ll be forced to cancel – not sure how my ins will get affected whenI Come back as there will still be a bike owned under my name, and don’t knowhow to prove to the insurance company that I wasn’t even living on this continent for the time I Was away (orif they’re even allowed to make that kind of exception, technically).

And just to get flamed more, I am ‘selling’ my car to mygirlfriend’s brother (for no money) while I am gone, and hope to get it back inmy ownership when I return!

 
It's none of the insurance company's business where you were for the time that the bike was uninsured, however yes there will be a financial hit involved when you put it back on the road because of the lapse in coverage.
 
My current broker told me that I wouldn’t get dinged if I didn’town a bike..can anyone confirm this?

If so I could transfer the bike to my dad who doesn’t ride…sowouldn’t affect him in any way, then transfer it back into my ownership when Ireturn and shouldn’t be any problems right?

 
Never heard that before, AFAIK it's the contiguous insurance coverage that matters, not the ownership of a vehicle, or absense thereof.

Something else to keep in mind, considering the duration of your absence, are you going to be able to even maintain your Ontario drivers license, and motorcycle class as well? If not, I hate to say it, but that may be a wrench in things as well upon your return.
 
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To the OP, listen to the advice given here. Much is from experience, and much more is from reading about other people's misfortune.

But at the end of the day, you can do whatever the **** you want!
 
PrivatePilot said:
considering the duration of your absence, are you going to be able to even maintain your Ontario drivers license, and motorcycle class as well?
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If the card isn't up for renewal in the next couple of years then it's not a problem.

If you have an Ontario address, you can renew your drivers license online (as long as you don't need to take a picture or take an eye test) and have the card mailed to that address.

But you have up to a year to renew your license after it's expired without consequence.

And if you renew it 1-3 years after it expires, you just have to take an eye test.

Not a big deal.
 
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Lightcycle said:
If the card isn't up for renewal in the next couple of years then it's not a problem..
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Yes, just reviewed the beginning of the thread and see 1-2 years, I had thought it was 3-4 years he was talking about originally.

OP, make sure to not let it expire otherwise you have to start all over again with graduated licensing upon your return, not to mention starting all over with the M class as well. Potentially very frustrating.
 
Fortunately I just renewed my driver's license this year, and I'm getting my M before I leave through RTI (since the MTO might not be open early enough before I leave)! Thanks for the warning!

I guess I'll just have to see what SF can offer before I cancel...
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